Ian Verrender

Okay, we'll send our enriched uranium off to China.

America says no.

And they go, well, Strait of Hormuz, there's a whole range of factors that America wants to negotiate.

in terms of the deal that's on the table.

And Donald Trump wants a better deal than Barack Obama signed off with Iran years ago.

So he wants a better deal, and Iran's going straight to hummus.

So they now have a lot more leverage than they've ever had before as a result of this war, and they're prepared to use it, clearly.

And so that is not a good sign for future fuel prices in this country and around the world.

Look, as painful as it probably is to see your price of petrol jump by more than 30 cents a litre, it does mean that we'll be seeing at least some of the tangible effects of what's going on in the rest of the world.

At the moment, we just seem completely cocooned from this global disaster that's unfolding before us.

So you do need to send that price signal out there.

You do need to get people to start thinking about using less fuel, and that's what a higher price would do, and also perhaps switching to some kind of alternative, whether that be electric vehicles or walking more, who knows, or public transport.

But, yeah, you do need to send that price signal through because, as we saw with the power price rebates during the –

more recent inflation outbreak, all you do is kick the problem down the road if you keep basically putting these rebates into effect.

And it distorts the inflation effects.

It then makes the Reserve Bank's job more difficult when it comes to interest rates because inflation ends up being a problem for far longer than it ordinarily would have been.

So as tough as it does sound like this, I think we need to be exposed to what the real problems are in the world here.

Yeah.

And look, the Reserve Bank, Treasury, everybody is forecasting a quick resolution to this conflict.

That's right.